One of the main reasons behind the sudden surge is investors’ loss of confidence in banking secrecy on an international level. When earlier in 2009 the Swiss bank UBS handed over more than 4,000 names of account holders to the US Treasury Department, a shock went through the world of offshore investors. Other investors are happy to pay the tax in order to gain access to their savings in Belgium.

Belgium introduced “fiscal regularisation” (a tax amnesty whereby a one-off declaration of income could be made and the tax paid off with no penalties) in 2006, when there were 1,630 applications made, and a total of €335m repatriated. In mid-2006, a 5% penalty was added to the bill on top of the tax due, rising to 10% in 2007. Since the measure was first introduced, a total of €775m has been brought home.